Dogecoin price exceeds $0.10, what is the next level?

Dogecoin price exceeds $0.10, what is the next level?

BitVerge – Despite the rise in Dogecoin’s price yesterday, it seems that this currency is still in an unstable situation.

Over the past 24 hours, the price of Dogecoin (DOGE) has managed to regain the $0.10 level after increasing by 1.84%. However, it seems that Dogecoin is still at a crossroads.

Yesterday’s surge in Dogecoin’s price has improved its momentum, showing resilience after its recent decline with a 5.01% gain over the past week, significantly outperforming other popular meme coins. This recovery has in turn been reflected in increased interest from traders, with its trading volume remaining above $ 500 million over the past 24 hours.

Up or Down: Can Dogecoin Price Stay Above 0.10?

The Dogecoin chart indicates a period of more volatile price movements ahead.

But more importantly, yesterday’s price action formed a rising falling wedge pattern, confirming that the recent bearish momentum is fading in favor of stronger buying power, a possibility that is reflected in the momentum indicators, as the RSI appears to be stronger above the neutral line at 60 currently. Although it is still neutral overall, it indicates a positive overall sentiment.

The Chaikin Money Flow (CMF) indicator is giving a similar message, now pointing to +0.2. Therefore, the buying action is now stronger, supporting a more sustainable uptrend that could push Dogecoin towards the $0.115 level.

However, challenges remain, the most important of which is that the upward breakout failed to maintain enough momentum to surpass the resistance level at $0.104, raising questions about whether it can maintain this position.

While this could be seen as a breathing space before Dogecoin’s next move upwards, another failure to break through this barrier could signal the formation of a bearish double top pattern, which could cause a price reversal.

Since the MACD line is below the signal line, it seems that the bears are in control during the next move, which may force the price to retest the $0.10 support level.